Home' Trinidad and Tobago Guardian : March 17th 2015 Contents A31
Tuesday, March 17, 2015 www.guardian.co.tt Guardian
Notice is hereby given that effective 2nd MARCH, 2015
has been authorized to act on behalf of the Peter Chandroo
Enterprises operating as Chandroo Brothers to collect
Effective Monday 20th April, 2015 the office will be relo-
cated to GULF REAL ESTATE LIMITED situated at
the entrance of Skinner's Compound leading to Dansteel
Limited, South Trunk Road, La Romain.
All tenants occupying lands owned by the Peter
Chandroo Enterprises operating as Chandroo Brothers
bounded on the North by La Romain Plantation, on the
South by Mount D'or Plantation and on the East by
Concord Plantation and on the West by the Southern Main
Road are kindly asked to make rental payments, queries
etc. at the office of GULF REAL ESTATE LIMITED.
We look forward to your usual co-operation.
Please be guided accordingly.
Last week the Telecommunications
Authority of T&T (TATT) issued its
first statement on the application by
Columbus Communications Trinidad
Ltd (CCTL) for a change of control
resulting from the proposed acquisi-
tion of its parent body, Columbus
International by Cable and Wireless
What follows is a parsing of the
lengthy and sometimes legally convo-
luted document (read in full here:
The authority noted that its delib-
erations and decisions would proceed
"bearing in mind that such approval
should not be unreasonably withheld."
After examining the situation, TATT
the Authority found that as a result of
WC s 49 per cent shareholding in TSTT,
"substantial lessening of competition
or adverse effects may reasonably be
expected to result from the proposed
acquisition of Columbus by CWC."
As a consequence, the application
for control was denied.
Columbus and CWC "requested a
reconsideration" of the decision and
on March 11, was notified that after a
TATT board meeting, the authority s
position remained unchanged.
TATT seems keen to emphasise that
it will not "unreasonably withhold its
approval," and has offered conditions
Why TATT blanked CWC
under which a more positive
reconsideration might occur.
Those conditions include "an
agreement for the complete divest-
ment of CWWI s shareholding of
49 per cent in TSTT, in consul-
tation with the majority share-
Those agreements should
include measures that
mitigate "circumstances which
may lead to the substantial less-
ening of competition or adverse
effects which may reasonably be
expected to result from the pro-
Further, CWWI and by exten-
sion, CWC, must halt any exercise
of shareholder rights beyond the
receipt of dividends and rights
related to statutory requirements.
CWC will also be enjoined to
honour a "limited right of inspec-
tion of books and records," at
TSTT, basically the same rights
that anyone who receives an annual
report would enjoy.
This suspension of rights, CWC
must further agree, "shall (not) be
deemed now or in the future, as
oppressive, unfairly prejudicial or
unfairly disregarding their interests
or their representatives interests."
National Enterprises Ltd (NEL),
which holds the majority 51 per
cent shareholding in TSTT,
responded positively to these con-
straints as it seeks to ensure that
the telecoms provider remains "a
viable, sustainable business."
NEL, however, has stated rather
bluntly, that "it is not in the best
interest of our shareholders to seek
a 100 per cent shareholding in
TSTT so alternative divestment
methods will be pursued."
CWC must further divulge, in
"full detail," plans for "financial
investment, source of funds, proj-
ects and expansion plans for CCTL
and CNITL for the first five-year
period, detailed on an annual basis
and their commitment to imple-
menting same in good faith."
Should CWC accept these
terms, it appears to stand a good
chance of winning TATT approval,
but it must also agree to offload
its 49 per cent shareholding within
a year, with an outside window of
18 months. This puts CWC
between a rock and a hard place
regarding its plans for a significant
market in the Caribbean.
Any potential corporate pur-
chaser is likely to want to buy into
a majority shareholding, which will
require the government, via NEL,
to sell at least two per cent of its
CWC could simply liquidate its
stock for the usual token fee of
US$1, but it would have to account
to its shareholders for dumping an
asset worth roughly US$200 mil-
The company might also create
an IPO and put the bundle of stock
on the open market, which is also
unlikely to realise the full value of
TATT s concerns are centred
from the deal s potential to bring
"significant impairment of com-
petition in the domestic commu-
nications market in T&T."
So TATT has said no, with a
particularly barbed, "but," and
lobbed the ball firmly back into
CWC s court for response.
Columbus has since issued a
press release (http://ow.ly/Kmyn7)
thanking TATT for its "letter of
approval," and expects "a number
of investors" to express interest in
the 49 per cent shareholding.
TATT chairman Selby Wilson
speaks at a 2011 public forum
hosted by the authority.
PHOTO: MARK LYNDERSAY
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